Mark Cuban, billionaire investor, Dallas Mavericks owner, and avid Dogecoin (DOGE) proponent, engaged in a particularly heated exchange on Twitter against Peter Mallouk, CEO of Creative Management, regarding the future of finance. This resulted in the two wealthy individuals agreeing on a wager wherein Cuban bets $1 million for the long-term success of the crypto space against the S&P 500.
Notably, Cuban’s gamble would be in the form of smart contracts – practically acting as a public demo for the capabilities of smart contracts in general.
The whole argument between Mallouk and Cuban started when the former chimed in on the latter’s separate discussion on Twitter about the surging meme-based digital currency, DOGE. According to Mallouk, many people are due to lose substantial amounts of money listening to Cuban’s remarks regarding DOGE. He adds that purchasing stocks is definitely more advisable than committing money on cryptocurrencies, thus, igniting the ire of Cuban, who then proposed the aforementioned $1 million bet.
To be particular, Cuban bets that either Bitcoin (BTC) or Ethereum (ETH) would eventually beat out the returns of the S&P 500 within the next ten years. Mallouk, on the other hand, bets that Netflix and Amazon stocks would produce better returns over the whole S&P 500 for the same period.
Disregarding what the final outcome may be, Cuban’s giant bet on the long-term performance of cryptos proves yet again that the billionaire has now moved past his crypto-naysaying days and is now an active proponent of digital assets in general.